Alony Hetz

Investor Presentation • Mar 23, 2022

BROCKTON EVERLAST PRESENTATION

Alony Hetz Capital Markets Conference

PRIVATE AND CONFIDENTIAL

23 March 2022 Tel Aviv

IMPORTANT NOTICE

This document and its contents are confidential to the persons to whom they are provided and should not be copied or distributed in whole or in part by such persons, or any other person, without the prior written consent of Brockton Everlast Inc. Limited ("Brockton Everlast"). Unless otherwise noted, references to "we", "us", "our" and similar expressions are to Brockton Everlast.

Recipients of this document should neither treat nor rely on the contents of this document as advice relating to legal, taxation or investment matters and are advised to consult their own professional advisers. This document does not constitute an offer to sell or a solicitation of an offer to buy any securities. This document is an outline of matters for discussion only and no representations or warranties are given or implied with respect to the information contained in this document, which is subject to discussion and/or amendment. This document does not contain all the information necessary to fully evaluate any transaction or investment, and reliance should not be placed on the contents of this document. Any investment decision with respect to any transaction referred to herein should be made based solely upon appropriate due diligence by the recipient and upon receipt and careful review of the final form documentation relating to the investment or investment activity to which this presentation relates, by reference to which this presentation is qualified in its entirety.

The information in this document is presented as of its date. It does not reflect any facts, events or circumstances that may have arisen after that date. We have no obligation to update this document or correct any inaccuracies or omissions in it. Brockton Everlast does not undertake any obligation to provide the recipient of this document with access to any additional information or to update the information in this document or any additional information or to correct any inaccuracies in the information in this document or in any additional information that may become apparent.

Any forward-looking statements in this document represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realised. These statements may be identified by the use of words such as "anticipate", "believe", "estimate", "expect", "intend", "may", "plan", "will", "should", "seek" and similar expressions. The forward-looking statements reflect our views and assumptions with respect to future events as of the date of this document and are subject to risks and uncertainties. Actual and future results and trends could differ materially from those described by such statements due to various factors, including those beyond our ability to control or predict. Any financial projections have been prepared and set out for illustrative purposes only and do not in any manner constitute a forecast. They may be affected by future changes in economic and other circumstances and the recipient should not place undue reliance on any such projections. Given these uncertainties, the recipient should not place undue reliance on the forward-looking statements. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Past performance is not necessarily indicative of future results. In calculating certain figures set out in this document, including but not limited to net IRR calculations, cash multiples, exit multiples, exit yields and cash flows, Brockton Everlast has made numerous assumptions, including those disclosed by footnote or otherwise herein, and is relying on information provided by third parties, none of which has been independently verified.

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CONTENTS

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1 Who Are Brockton Everlast?

2	The Three Factors Driving Strong Real Estate Returns in the UK:
	Zoning, Stock Selection and NZC

• 3 Our Portfolio: Overview and Big Picture Strategy
• Brockton's Workplace Portfolio in London: 'Clean, Green and Seen on Dezeen'
• 5 Brockton's SRI Portfolio in Cambridge and Oxford: 'DNA, NIA, RoE'

Constantly looking for different perspectives

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1. WHO ARE BROCKTON EVERLAST?

When:

• Founded in 2018. London-based.

What:

• Investor-developer of both premium workplaces (targeting major office occupiers across all sectors of the economy) and next generation Life Science laboratories
• Brockton Workplaces: the brand for our London Office portfolio
• Brockton SRI: ('Science Real Estate & Innovation'): the brand for our Cambridge and Oxford Life Science portfolio

Where:

• Focused on prime, transport-connected locations in London and the two Life Science and Tech-focused clusters of Oxford and Cambridge. Together these three cities form the 'Golden Triangle'

Capital:

• Around £630m (NIS 2.72bn) of equity has been committed into the company since 2018

Ownership:

• Brockton Everlast is 84% owned by Alony Hetz, 13% by Menora Insurance and 3% by the senior Brockton management team

Prior Experience:

• Brockton Everlast is the fourth real estate vehicle founded by the Brockton team, who started investing back in 2006. Prior to Brockton Everlast, the three prior Brockton Capital private equity vehicles totalled:
  • £1.40bn (NIS 6.06bn) of equity capital from c.50 institutional LP's. (Alony Hetz sat on the Advisory Committee of all three Brockton Capital funds).
  • around 20m sq ft invested into or redeveloped in c.300 properties across nine sectors over 12 years (2006- 2018)

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1. WHO ARE BROCKTON EVERLAST?

Our office. (In Soho, London).

Our team. (In the market).

(Insatiably curious about the space needed for dynamic, changing economies).

CONTENTS

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• 1 Who Are Brockton Everlast?
• The Three Factors Driving Strong Real Estate Returns in the UK: Zoning, Stock Selection and NZC
• 3 Our Portfolio: Overview and Big Picture Strategy
• Brockton's Workplace Portfolio in London: 'Clean, Green and Seen on Dezeen'
• Brockton's SRI Portfolio in Cambridge and Oxford: 'DNA, NIA, RoE'

Constantly looking for different perspectives

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2. THE THREE FACTORS DRIVING STRONG REAL ESTATE RETURNS IN THE UK: ZONING, STOCK SELECTION AND NZC

A. Zoning: The UK is one of the most expensive real estate markets in the world. And Zoning is a key driver of value creation.

Terminal 5 at Heathrow Airport. From the date of the planning application to the eventual planning consent, took nearly 9 years and cost over £80m in legal fees.

By contrast, in the time it took just to obtain Zoning for one terminal at Heathrow, Beijing International Airport built three terminals, a third runway and a rail link to the city centre.

Q: Why?

• A: It's simple. Supply and demand, both for space (which drives rents) and assets (which drive cap rates). And obtaining Planning Permission (aka Zoning) in prime, often protected locations is very tough.
• The UK is a small island (totalling 245,000 sq km); around the same size as the State of Oregon.
• It generates GDP of over £2.2trn (\$2.9trn), making it the 5th largest economy in the world and no. 10 in PPP rankings.(1)
• It has 68 million people crammed onto it (with just over 90% living in cities)(2), and with a further 39 million overseas visitors each year.(3)
• Zoning is really tough.(4)
• Construction costs are high.(5)
• Most commercial leases for large buildings are long (around 10-15 years) on a 'NNN income' triple net basis (known in the UK as FRI) (6)

Over the 2006-2021 history of the firm, Brockton have obtained 65 planning consents from 19 local authorities. We have only ever had one planning application refused, which we subsequently appealed, and won.

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If Brockton was a boxer, our fight record in Zoning would be 65-1.

Source: 1) IMF, Apr 2021 2) The Guardian, 'Percentage of Global Population living in Cities', 2016. 3) Visit Britain,' Britain's Visitor Economy Facts', 2017 figures

4) Three anecdotes: 1. the UK has around 27 million households and delivered (only) 217,000 new homes in 2017, or (only) a 0.8% pa net addition to the UK's housing stock. 2. There are well over 0.5 million Listed (ie: heritage protected) buildings in the UK 3. The Shard at London Bridge, the tallest building in the UK at 1,010 ft (310 meters) stands at (only) no.87 in the rankings of the world's tallest buildings. 5) Around £480 psf (\$625 psf) to construct a Grade A office in Central London, excluding the cost of land. Once underlying land values, financing and TI costs are taken into account, rents need to be set at a minimum of c.£75 psf (just under \$100 psf) in order for developers to commence a project. Brockton Capital completed in May 2019 a 325,000 sq ft NIA office/ retail/ Social Housing project; The Post Building. The Post Building cost around £337 psf hard costs on the GIA (including demolition). Taking into account both the net:gross efficiency ratio as well as professional fees, the scheme cost around £480 psf on the NIA. Developing on (typically) tight sites in Central London is made expensive by complex site logistics, restricted working hours, strict Health + Safety rules, risky sub-structure excavations (eg: archaeology, Tube lines, cabling, ground conditions), a high degree of imports of both labour and key materials (esp. glazing and lifts), etc. Virtually fully leased and with c.15 years of WAULT to strong credit tenants, The Post Building was sold in January 2020 for £610m, representing a 3.95% NIY and over £2,000 psf on its office

/ retail NIA. 6) The abbreviated term for a lease which imposes 'full repairing and insuring' obligations on the tenant, providing the landlord with no exposure to either operating costs or repairs

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2. THE THREE FACTORS DRIVING STRONG REAL ESTATE RETURNS IN THE UK: ZONING, STOCK SELECTION AND NZC

B. Stock Selection: As both society and the economy re-organises itself (post-Amazon, post-Brexit, post-Covid), where are you invested?

2. THE THREE FACTORS DRIVING STRONG REAL ESTATE RETURNS IN THE UK: ZONING, STOCK SELECTION AND NZC

C. NZC (Part One): The Big Picture – the West (and to an extent, China) are in the early stages of a massive shift towards decarbonisation. The UK was the first G7 economy to legally commit (in May 2019) to delivering a Net Zero Carbon economy, by 2050.

The Big Picture in Capital: \$4 trillion (and growing) in ESG investing

"It's been two years since I wrote that climate risk is investment risk… in that short period, we have seen a tectonic shift of capital. Sustainable investments are now \$4 trn… This is just the beginning.

"I believe that the decarbonising of the global economy is going to create the greatest investment opportunity of our lifetime…The next 1,000 unicorns won't be search engines or social media companies, they'll be start-ups that help the world decarbonise.

"As your industry gets transformed by the energy transition, will you go the way of the dodo, or will you be a Phoenix?"

Larry Fink, Chairman and CEO, BlackRock, '2022 Letter to CEO's'

"The oil price spike, which may well be structural, has to lead to incentives for accelerated decarbonisation"

Chris Hohn, founder of TCI Fund Management, with \$40bn in assets. 14 March 2022, speaking at the FT Climate Capital conference, and commenting after Russia invaded Ukraine.

2. THE THREE FACTORS DRIVING STRONG REAL ESTATE RETURNS IN THE UK: ZONING, STOCK SELECTION AND NZC

C. NZC (Part Two): The Real Estate implications of the shift to sustainable investing (specifically on UK Offices)

• Sustainability is ranking ahead of both economic downturns and the interest rate environment, as the no.1 issue for long term property investors in the UK
• In all six areas of the value chain in real estate (Zoning, Construction, Financing, Leasing, Asset Management and Investment Values), having a robust approach to Sustainability is key.

• Developing Green buildings includes a detailed approach to topics such as; NZC and off-setting, walkable cities, bike infrastructure, electric car charging, green roofs, LED lighting, the green energy mix of heat pumps, smart glass, smart thermostats and BMS systems, district heating, landfill methane, insulation, mixed-mode HVAC, retrofitting, retaining structure, recycling water, low carbon steel and concrete vs. CLT, etc. etc.

(1) JLL, 'The Impact of Sustainability on Value: Central London', May 2020, where JLL polled a series of large institutional investors in UK real estate

CONTENTS

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2

• 1 Who Are Brockton Everlast?
• The Three Factors Driving Strong Real Estate Returns in the UK: Zoning, Stock Selection and NZC
• 3 Our Portfolio: Overview and Big Picture Strategy
• Brockton's Workplace Portfolio in London: 'Clean, Green and Seen on Dezeen'
• 5 Brockton's SRI Portfolio in Cambridge and Oxford: 'DNA, NIA, RoE'

Constantly looking for different perspectives

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Size:

• 9 assets(1)
• 1.18m sf across c.40 acres
• £1.20bn valuation as of December 2021

Income:

• £37.6m pa total rent roll (c.£34.50 psf average passing rent)
• 93% occupancy
• 5.5 years WAULT
• 2.80% implied cap rate, with the low cap rate reflecting the large development pipeline (ie: we own vacant buildings and older, smaller buildings with low rents, both of which will be redeveloped into significantly larger and more valuable assets)

Debt:

• £475m total debt as of December 2021
• 39.5% LTV
• 2.47% blended cost of debt

Equity:

• £729m NAV as of December 2021(2)
• Menora Mivtachim invested c.£115m equity to acquire a 13% stake in February 2022 and have an option to invest a further c.£75m by May 2023

The Cambridge portfolio (3 assets) and the Oxford portfolio (1 asset)

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(1) Including an opportunistic mezz. debt instrument in a prime Mayfair residential development project. This asset represents less than 3% of the GAV 11 and is not detailed in this presentation

Rent Roll as at 31st December 2021 - £37.6m

• Diversified income with 21 resident companies accounting for 83% of total income
• 67% of the rent roll derived from strong credit companies

(3) 'Cambridge Milton Rd. land' includes EMG / Vindis and Trinity Hall Farm Estate

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• The London portfolio: branded as Brockton Workplaces
• Over 1.0m sf of standing investments and future developments, valued at over £700m in December 2021.
• All four assets are located within walking distance of major London train stations, including three on the new Elizabeth Line (aka 'Crossrail') which opens in H2 2022.

1. The Dovetail Building

• Sub-market: City (Financial District) / Spitalfields
• Type: Development site with Zoning. Short term income until Q2 2023.
• Size: 466,000 sf buildable NIA • Ballpark Value: £190m (£410 psf)

2. 169 Union Street (London Fire Brigade HQ)

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• Sub-market: Bankside (aka Southbank, located one block south of the Tate Modern art museum)
• Type: Investment, 100% leased to quasi-Govt. credit until Q1 2027.

• Size: 117,000 sf • Ballpark Value: £120m (£1,020 psf)

• (part of London's Tech Belt that wraps around the northern and eastern edge of the City)

• Type: Investment, 100% leased until Q4 2022, but with development optionality
• Size: 133,000 sf (potential for 242,000 sf, STP)(1)
• Ballpark Value: £138m (£1,040 psf on existing building / £570 psf on potential buildable)

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• Sub-market: Paddington (western edge of the West End, adjacent to major train station and an R+D Govt. hospital) • Type: Investment, 100% leased until Q2 2028. • Size: 238,000 sf • Ballpark Value: £254m (£1,065 psf)

(1) Subject to receiving Planning consent from the local authority 13

• The Oxford and Cambridge portfolio: branded as Brockton SRI ('Science Real Estate & Innovation')
• Over 2.0m sf of standing investments and future developments, valued at c.£470m in December 2021.
• All the assets are located in prime life science sub-markets within the 'Golden Triangle'.

• Sub-market: Oxford. (Located 1 mile west of the city's main train station and the University's Business School). • Type: Investment, 88% leased with income until 2026 generally, but with longterm development potential • Size: 176,000 sf over 11 acres • Ballpark Value: £87m (£495 psf, or £8m / acre)

5. Seacourt Tower & Retail Park, Oxford 6. 418 and 436 Cambridge Science Park ('CSP')

• Sub-market: Cambridge. (CSP is located in the prime science park cluster, 3 miles north of the city).
• Type: Investment; two separate lab buildings, 100% leased to two Japanese pharmaceutical co's until 2031.
• Size: 73,000 sf over 4 acres • Ballpark Value: £63m (£860 psf, or £16m / acre)

• Sub-market: Cambridge. (CSP is located in the prime science park cluster, 3 miles north of the city). • Type: A phased development site with six vacant / near term vacant buildings over 9 acres. Plus, the new UK HQ of Amgen on c.1 acre, leased until 2031. • Size: 700,000 sf potentially buildable over 10 acres, STP(1). • Ballpark Value: £180m (£255 psf on potential buildable, or £18m / acre)

• Road is located next to the Cambridge North cluster of
• science parks, very close to CSP). • Type: A phased development site with the majority of the income
• expiring in 2023-24. • Size: c.550,000 sf, over 10 acres,
• STP(1) • Ballpark Value: £140m (£255 psf on potential buildable, or £14m / acre)

• Brockton's SRI ('Science Real Estate + Innovation') portfolio includes c.25 acres of prime investment and development land in Cambridge

Cambridge Science Park comprises:

• c.2.0m sf of office and labs over c.150 acres (overall FAR of 0.30(1), including roads, lakes, cycle paths etc).
• 7,250 employees
• 60 buildings
• 140 companies
• Mix of Life Science, Telecom, Consulting, Defence, Crop Science, Cyber, AI, Gaming, Software, Hardware

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3. OUR PORTFOLIO: BIG PICTURE STRATEGY

Three Case Studies that will deliver around 40% of the floorspace and 50% of the rental income of Brockton Everlast's total development pipeline in the next 10-12 years

(1) ERV = Estimated Rental Value (assuming 100% occupancy, ignoring any rent free periods). Image of potential Cambridge Science Park scheme is at early concept stage and strictly not for wider circulation.

• Telephone

• The Dovetail

Cambridge Science Park

3. OUR PORTFOLIO: BIG PICTURE STRATEGY

• Whilst our portfolio has a blended WAULT(1) of c.5.5 years, the reality is that our NOI expires fairly evenly across this decade, ranging from near term expiries across 2022-23 (eg: The Dovetail Building site and Telephone House), out to 2024-26 (eg: at Seacourt in Oxford and in parts of the CSP portfolio) and then out to 2027-31 (eg: at Union Street, Waterside and three stabilised assets on CSP).
• Of the 8 assets in the portfolio, it is assumed that there is significant NIA and Development upside in seven assets(2). The total assumed NIA gains (subject to receiving Planning consent from the six relevant local authorities) and potential increases in NOI (post-Zoning, construction and lease-up) are set out below.

(1) WAULT = Weighted Average Unexpired Lease Term, aka the blended length of income across the existing 1.18m sf portfolio.

(2) Being conservative, we have assumed no floor area upside at the 117,000 sf Union Street asset, although that building will be upgraded and rehab'ed on lease expiry in 2027.

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3. OUR PORTFOLIO: BIG PICTURE STRATEGY

• By adding significant floor area (STP*) in sectors of the economy that are growing, Brockton Everlast could deliver a high Yield on Cost, significantly above current prime, stabilised cap rates.

¹⁸ * Subject to receiving Planning consent (1) Gross Rental Income is defined as the projected ERV of the stabilised assets at lease-up, which (unlike the IFRS NOI on the prior page) does not smooth out rent free periods or any other TI's. Gross Rental Income also ignores any likely rent free periods granted at the commencement of leases.

(2) All-in Cost Basis defined as the original acquisition cost basis plus all capex invested to-date (and projected) plus capitalised interest, ignoring any capitalised G&A.

(3) Certain institutional investors often develop on a completely unlevered basis, eg : the tallest office tower in the City (22 Bishopsgate; 62-storeys, 278 metres (912 ft) high, 1.3m sf NIA) was built at a cost of over £1.0bn on an all-equity basis by AXA, PSP, Quadreal and Temasek. Note: Rents and construction cost growth have been forecast on an asset level basis.

CONTENTS

• 1 Who Are Brockton Everlast?
• The Three Factors Driving Strong Real Estate Returns in the UK: 2 Zoning, Stock Selection and NZC
• 3 Our Portfolio: Overview and Big Picture Strategy
• 4 Brockton's Workplace Portfolio in London: 'Clean, Green and Seen on Dezeen'
• 5 Brockton's SRI Portfolio in Cambridge and Oxford: 'DNA, NIA, RoE'

Constantly looking for different perspectives

4. BROCKTON'S WORKPLACE PORTFOLIO IN LONDON

• 'Clean, Green and Seen on Dezeen'*

• Post-Covid, post-climate emergency and post-WFH, the 21st century Workplace in London is having to work harder to attract growing companies, to achieve top rents and to maintain high occupancy.

It is Darwinian, and it is a Zero-Sum Game; winning buildings in prime locations will attract, retain and grow NOI, at the expense of yesterday's office product. Three elements are crucial:

• Good quality air / circulation
• Touchless journey to your desk
• Natural light / openable windows
• Healthy F&B options
• Wellness; from cycle storage to yoga studios and an evolving mix of other amenities

• Net Zero Carbon commitment
• Working with resident companies to reduce operational carbon ('OC')
• Retaining structure where possible on new projects in order to reduce embedded carbon ('EC')

• 'Commodity product' is dead
• The workplace as a lifestyle choice
• Wellness and creative collaboration drive productivity
• The 'new HQ' decision-making process has been radically democratised in the last 10-15 years. Bottom line? Developers have to woo the entire target company

4. BROCKTON'S WORKPLACE PORTFOLIO IN LONDON

• Case Study 1:The Dovetail Building, London

• Location:

• 3 min walk from Liverpool Street Station; a 70m passengers pa 'super-station'
• situated on the edge of both the prime EC3 tower cluster (inc. The Gherkin, The Leadenhall Building, Salesforce Tower, etc) and the Spitalfields district (which is characterised by fashion, food, music, etc).
• local occupiers include Amazon, Apple (fintech division), Uber, BT, UBS, McCann, Baker + McKenzie, AON.

• The Project:

• 466,000 sf of prime, next generation Workplace across 23 storeys
• designed by AHMM Architects. Zoning now fully approved.
• 8,000 sf of new public realm space at street level
• 30,000 sf of flex / co-working space
• generous section heights ranging from 3.2m-6.0m net
• over 20,000 sf of cascading terraces and balconies

• Sustainability:

• BREEAM Outstanding
• LEED Platinum
• WELL Platinum
• highly competitive design criteria of less than 600kg CO2/m2 Embodied Carbon and 55 kWh/m2 pa EUI Operational Energy
• residual Embodied Carbon and Operational Carbon to be fully offset by the developer and future occupiers respectively, in order to create a Net Zero Carbon asset
• waste heat to be transferred (via an underground pipe) to local neighbours (Middlesex Street Estate; a social housing block operated by the City Corporation)
• 0.53 Urban Greening Factor (significantly exceeds 0.3 policy requirement)
• 20 litres per second per person fresh air provision

4. BROCKTON'S WORKPLACE PORTFOLIO IN LONDON

• Case Study 2: Telephone House, London

• Location:

• 3 min walk from Old Street Underground station and Old Street Roundabout (AKA 'Silicon Roundabout'), incl. major new placemaking
• situated in Shoreditch which is characterised by creative industries, tech, fintech as well as a buzzing restaurant, nightclub, bar and hotel district.
• local occupiers include Transferwise, Amazon, Adobe, Farfetch, Capital One.

• The Project:

• 242,000 sf of prime, next generation Workplace, STP(1)
• designed by Piercy + Co. Architects
• 14,000 sf of flex / co-working space
• 12,000 sf of retail space
• 5,400 sf of event space
• section heights of 3.0m net
• large internal atrium, covered walk-way bridges and extensive roof terraces
• currently comprises a 133,000 sf Grade B office, 100% leased to 10 resident companies until (mainly) Q4 2022 (where we have optionality to extend the current income if desired)

• Sustainability:

• Net Carbon Zero on construction and in operation
• BREEAM Outstanding
• LEED Platinum
• WELL Platinum
• NABERS 6 Star
• 0.3 Urban Greening Factor

CONTENTS

• 1 Who Are Brockton Everlast?
• The Three Factors Driving Strong Real Estate Returns in the UK: 2 Zoning, Stock Selection and NZC
• 3 Our Portfolio: Overview and Big Picture Strategy
• 4 Brockton's Workplace Portfolio in London: 'Clean, Green and Seen on Dezeen'
• 5 Brockton's SRI Portfolio in Cambridge and Oxford: 'DNA, NIA, RoE'

Constantly looking for different perspectives

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5. BROCKTON'S SRI ('SCIENCE REAL ESTATE + INNOVATION') PORTFOLIO IN CAMBRIDGE AND OXFORD

• 'DNA, NIA, RoE'

• Developing a successful Life Science portfolio requires a detailed understanding of the requirements from large Pharma, CRO providers, Biotech businesses, VC-backed start ups and Research institutions across factors such as location, proximity to leading universities, availability of (PhD-level) employees, availability of capital, the regulatory environment, the specification of the labs, the clustering and amenities within that sub-market, etc.

• Brockton has historically been conversant with both the 'shape of yield curve' and the 'shape of the floorplate'. Now we are also becoming conversant with the shape of the double helix.

• It took 50 years to go from the discovery of DNA (in 1953) to the sequencing of the human genome (in 2003).
• From 2008 to today, the cost of mapping the human genome has fallen from \$10m to (only) \$600

• Clean rooms, Wet Labs, Dry Labs, AIenabled labs, etc. are specialist facilities occupied by a range of credits.
• Current resident companies in Brockton's SRI portfolio include Takeda, Otsuka, Amgen and Bayer who together total over \$250bn of equity market cap

• The more expensive to build (than Office) specialist labs command a rent premium, resulting in a higher RoE for developers

• (1) Craig Venter, co-head of the original Human Genome Project in the early 2000's in his lab at Celera Genomics in Maryland, US.
• (2) Dr. Harren Jhoti, the founder of Astex, in the Astex lab at Cambridge Science Park, UK
• (3) The Francis Crick Institute at Kings Cross, London. The institute, opened in 2016 and with an annual budget of over £100m and 1,500 staff, is a partnership between Cancer Research UK, Imperial College London, Kings College London, UCL, the Medical Research Council and the Wellcome Trust.

5. BROCKTON'S SRI ('SCIENCE REAL ESTATE + INNOVATION') PORTFOLIO IN CAMBRIDGE AND OXFORD

• 'DNA, NIA, RoE'

• The Life Sciences sector in the UK totals:
  • c. 6,300 companies
  • 268,000 jobs
  • £90bn (\$117bn / NIS 385bn) in turnover
  • … and most of that activity takes place in (only) 10 m sf of Life Science labs (of which 50% are occupied by universities or research institutions)
• There is a structural (IE: not cyclical) under-supply of lab space in the UK compared to the US. (See table below).

This under-supply is also proven by strong demand for latest generation lab space by a wide range of biotech businesses in the UK

	United States	UK	UK as a % of US
• Population	332m	69m	21%
• GDP	\$21 trn	\$2.8 trn	13%
• Life Science Sector(1) (% of GDP)	\$724bn (3.5%)	\$117 bn (4.2%)	16%
• Number of Universities in Global Top 25 for Life Sciences and Medicine(2)	14	6	43%
• Life Science Jobs(3)	1.08m	0.27m	25%
• Life Science Lab Stock(4)	167m sf in 12 main clusters (Top 3: Boston, SF, NJ)	10m sf in 3 main clusters (Top 3: Oxford, Cambridge, London)	6%

Crudely, these 5 metrics blend to the UK being (simple average) 24% of the US…

… and yet with only 6% of the built lab stock

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25 (1) Sources: Statista, Ibis World, Fortune Business Insights, UK Govt. (Office for Life Sciences) 'Bioscience and health technology sector statistics, 2020'. The US Life Science sector comprises: i) Medical devices revenues of \$169bn, Pharmaceuticals revenues of \$425bn and Biotech revenues of \$130bn.

(2) QS / Elsevier World University Rankings by Sector 2021

(3) CBRE Life Science Trends 2021 for the US, adding total Life Science employment across 28 dominant US clusters. HM Govt. Office for Life Sciences for the UK

(4) Source: CBRE Life Sciences Trends 2021 for the US, Bidwells and Savills research for the UK